Daily Pivots: (S1) 122.94; (P) 123.13; (R1) 123.41; More….
Intraday bias in EUR/JPY is turned neutral with current recovery. Further fall is mildly in favor with 123.66 minor resistance intact. Below 122.84 will target a test on 121.63 low first. Firm break there will resume the pattern from 127.07 with another fall to 119.31 key support level. On the upside, though, break of 123.66 minor resistance will turn bias back to the upside for 125.13 instead.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 119.31 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 next. However, firm break of 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.
